Transaction and account management system

ABSTRACT

An information management system that consists of data, a rules database, and user profiles is provided. The rules database stores information about system responses to modifications of the data. The user profiles store information concerning the availability of information and displays depending upon the user. Automatic updates to user profiles in response to modifications to the data are performed.

CROSS REFERENCE TO RELATED APPLICATIONS

This application is a continuation of U.S. patent application Ser. No.12/326,031, entitled “Transaction and Account Management System” filedon Dec. 1, 2008, which application is a continuation of U.S. patentapplication Ser. No. 11/732,715 entitled “Transaction and AccountManagement System” filed on Apr. 4, 2007, now abandoned, which is acontinuation of U.S. patent application Ser. No. 09/658,332 entitled“Transaction and Account Management System” filed on Sep. 8, 2000, nowabandoned, which application in turn claims priority under 35 U.S.C.§119 to U.S. Provisional Application No. 60/152,920, filed Sep. 8, 1999.The disclosure of all of these applications are hereby incorporated byreference in their entireties.

BACKGROUND OF THE INVENTION

1. Field of the Invention

The invention relates generally to the field of computer implementedaccount tracking, processing, and management. The techniques areapplicable to diverse fields.

2. Description of the Related Art

With the advent of the Internet, a wide variety of computer implementedmethods of tracking customer activity, fulfilling customer orders, andthe like have been implemented or proposed. In some cases, these methodsinclude the creation of user specific accounts which include varioustypes of information about the customer, and which help define, at leastin part, the nature of a system user's interaction with the system.

One specific area which involves extensive account maintenance andmonitoring is the securities trading environment. In these systems, anexample of which is provided in FIG. 1, client investors of aninvestment advisor firm maintain accounts for trading corporatesecurities.

FIG. 1, which consists of 1A, 1B, and 1C, illustrates present technologyfor the infrastructure of an example financial management system whichmay be utilized by an investment advisory firm. At the InvestmentAdvisor (IA) site 102, a local area network (LAN) 104 comprised ofservers 106, workstations 108, and telecommunication and networkconnection equipment 110 is installed. The servers 106 allow theinvestment advisor firm to store and retrieve data for internal andexternal purposes. The workstations 108 provide the investment advisorfirm with terminals from which to execute programs and enable theend-user to connect to outside data sources such as remote servers 112through the Internet/Network 114. The telecommunication and networkconnection equipment 110 allows the investment advisor firm to connectto outside sources of information and services such as custodian banks,analysis firms, clearing houses, and securities broker/dealers. Underthis configuration, the investment advisor firm executes applicationprograms from several different locations, servers and/or workstations.It is the responsibility of the investment advisor firm to install andmaintain the hardware and software for all equipment and programs at theinvestment advisor site 102.

FIG. 2 illustrates how the IA business presently consists of 12 coreprocesses. The exact method each IA uses to complete these processesvaries from shop to shop. As a result the actual number of steps forperforming each one of the 12 processes can vary from shop to shop. The12 core processes required for the IA are the very basics and essentialsof its business. To implement each of these 12 processes requires properprocedures and passing of information from each process to the next.

To open an account 202, all relevant information about the client andhis/her account is recorded. This information will include among otherdata, name, addresses, account type, contact information, compliancerestrictions, billing information, custodian bank details, legalinformation and broker/dealer (B/D) requirements in addition to securityand cash holdings. Different elements of the client account informationwill be used in each of the 12 processes. The relevant information for auser is presently not available in an efficient manner.

When an new account is opened for a client, the IA will record all ofthe new client holdings 204. These can include equity and/or fixedincome securities, mutual fund shares and cash. As each new trade isexecuted for a client, the IA may record the result in the client'saccount.

Next, the IA should receive a record of the client's holdings at thecustodian 206 and reconcile. Securities and cash owned by each clientare held by a custodian bank and not by the IA. The custodian bankmaintains records for each client showing these holdings. The records ofthe IA preferably match the records of the custodian bank for eachclient. Whenever a new account is opened for a new client, there may bea delay in receiving the information from the custodian bank andrecording the client's initial holdings. During this delay, the client'sholdings may change. Moneys can be added and/or withdrawn and securitiestraded. After an account is opened, the correct 207 step takes place.The IA must reconcile its client account information with the custodianbank's information on a regular basis. If the IA had a different recordof holdings than the record of the custodian 206, then the IA will seethe inconsistency and notify the custodian 208. Account reconciliationcan be done daily, weekly or monthly. This will depend upon how oftenthe custodian bank makes the client's data available and how much timethe IA has available to reconcile accounts. Presently the IA does nothave information regarding a client's holdings at the custodian bank ona real time basis. The IA therefore does not know exactly what funds areavailable to be invested and may be recording inaccurately thesecurities in the client's account. Any systems that may potentiallyallow for a real time reconciliation require tremendous resources forthe IA and the custodian to be able to communicate and make suchinformation available to each other.

At the end of the month (E.O.M.) or the end of the quarter (E.O.Q.), theIA runs special routines. If it is the end of the month or the end ofthe quarter, the E.O.M. OR E.O.Q. step 224 will perform certainoperations. If it is not the end of the month or end of the quarter, thenext step will be performed. At the E.O.M. the IA runs performanceinformation for each client's account, obtains equity security split anddividend information, updates fixed income securities paymentinformation, reconciles client account information with the custodianbank records, etc. At the E.O.Q. the IA performs the E.O.M. routinesplus run the client billing. IAs typically bill clients on a quarterlysystem on the basis of average assets under management during thequarter. The billing process includes reconciling all client accountinformation with the custodian bank's records. The IA should determineif there have been any additions and/or withdrawals in the accountsduring the quarter and if so make appropriate billing adjustments fromthe day the adjustment occurred to the end of the quarter. The IA shouldprepare and distribute necessary client account statements and reports.

A portfolio manager (PM) performs trade identification 210. A PM willuse various analytic tools to determine what trade he/she wants to make.The analytical decision to buy or sell is based on extensive research bythe PM. The PM researches and studies the thousands of differentcompanies and investment vehicles that are available. The PM will needto analyze company specific data to make the investment decision.

The PM's will also make investment decisions based on the investmentobjectives that the client agreed to with the PM when the account wasopened.

The PM will next review holdings positions for any buy/sell 212. Once aPM decides on a trade he/she wants to execute for his/her clients,he/she must refer back to the client account information for each clientto determine which client accounts can participate in the trade, e.g.sufficient cash or any restrictions preventing the trade for the clientaccount. The PM must determine which accounts to include in the tradetaking into consideration account restrictions. The process of referringto account information and parsing it to see how many client accountscan do the trade remains a largely manual process. Even if theinformation is already in some electronic format, the PM has to referback to each account, identify any constraints and compare theseconstraints against the trade details to determine the clients which areeligible to participate. Ideally, the trade details would automaticallybe compared against a database holding the client account information toidentify clients which are not able to participate. Whenever the PMdecides to place an order, the PM must pass the order to the trader forexecution.

Under the step of pass orders to trader for execution 214, the PMcreates a formal request for the trader. This formal request to executean order passes all relevant trade details and all regulatoryrequirements. The trader should be able to execute and act upon the PM'srequest at anytime during trading hours.

Under the step of execute order until complete 216, the trader then mustdecide how to execute this trade, either as a single order or combinethis order with another identical order and create a block order. Onefactor the trader may identify in constructing the trade is theparticular designated B/D requirements for each client. A client mayspecify that all of its trades or some percentage be directed to aspecific B/D.

Once the trader has determined how many trades go to each B/D, he/shewill either call a B/D or use an online system for a particular B/D toplace the trade. The online system may require the trader to re-key thetrade request into the B/D's proprietary system or perform some “cut andpaste” operation to move the data electronically into the online system.The trader needs to be able to transmit order requests correctly to theB/D in each B/D's format for execution. The trader preferably should beable to simultaneously manage several orders with multiple B/Ds.

The trade correct 218 then has the trader verify that the order wascorrectly executed by the B/D. The order should reflect the correctorder parameters such as buy or sell, quantity, price or market request(e.g. at the market or limit). The correct trade with broker &/orcustodian 220 requires the trader to record the time and reportinformation from the B/D upon notification from the B/D. If the order isnot correct, it is the responsibility of the trader to notify the B/D ofany errors and correct the order. The trader passes the trade to thesettlement area in order to settle the trade.

To settle trade 222, a portfolio assistant will then take the tradedetails and confirm the information with the B/D and the custodian. Anyinformation which does not match needs to be reconciled until the ordermatches. The portfolio assistant will have to provide settlement detailsfor the security and cash payments. Each client account can havemultiple clearing instructions depending upon the security beingsold/purchased. The correct settlement instructions should be reflectedfor each client participating in the trade. The settlement instructionsshould be provided by the IA to the custodian bank and the B/D. Thecustodian bank and the B/D should agree on the settlement of the trade.All regulatory requirements should be satisfied when settling a trade.DTC eligible trades should be affirmed i.e. approved, for the trade tosettle.

Once all the trades have settled, the information should be posted intoall the relevant client accounts.

In addition, a user will perform E.O.D/E.O.T. routines 222. At the endof the day (E.O.D.) or end of the trade (E.O.T.), the trader willgenerate a report to comply with all regulatory requirements. The traderhas to notify the PM regarding the completion of the trade, whichincludes the price of the trade.

Other environments have similar account tracking requirements. In theretail sales environment, for example, a set of core processes can bedefined that are fundamental parts of retail sales. In these and otherenvironments, existing art today is cumbersome and addresses onlysegments of identified core processes. It consists of components thatseparately handle distinct tasks. No one program or set of programscompletely addresses and handles core processes of an enterprise fromstart to finish. The solutions today address each process and provide asolution as if it was an isolated body of information not connected tothe next. The connections between programs are not seamless or do notexist at all. For the most part the data has to be manually re-enteredupon the commencement of the next process.

Thus, the transition from one of the core processes to anotheridentifies a break in the flow that requires information to be movedfrom a process to the next process. The data may be moved (1) manuallyto the next process by re-keying the information into the system to beused in the next process, (2) by a “cut & paste” approach in which datawill be electronically “cut” from one system and “pasted” into the nextsystem by the user, or (3) by electronically moving the information bymanually invoking a program that will take as input a file and then passthe information on to the next process.

Regardless of the approach, each time a system user has to move to thenext process there is a break in the flow of information. This cantranslate into one piece of information, such as the client accountnumber, being keyed into different systems as the IA moves from oneprocess to the next. This is known as a “portage”. Each portage or breakand re-entry of data represents an possible risk of error and aninefficiency because it is an added step in running the business as theuser moves from each process to the next.

SUMMARY OF THE INVENTION

In one embodiment, the present invention comprises an informationmanagement system including a collection of data that can be changed orviewed by system users. The system also includes a user profile databasethat stores system related information. User identification informationis stored so that a user may gain access to the system and so the systemknows the access rights of the user. In other words, there are certaindisplays and/or modifications that are allowed dependent on the userthat is using the system. In addition, there is a rules database, whichstores information that guides the system how to react in response to auser modification to information in the financial database. Userprofiles of other system users will be updated when there is a systemresponse to a user modification.

In one advantageous embodiment, the system can be web hosted. The systemusers can interface with the system using a web browser such asMicrosoft Explorer or Netscape Navigator.

In another embodiment, computer implemented tasks such as openingaccounts, recording client information, and executing businesstransactions are performed. In addition, when one or more of these tasksis completed, one or more user profiles are updated.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 illustrates the present state of the art for financial managementinfrastructures.

FIG. 2 illustrates the process used by the present state of the art tomanage securities in the system of FIG. 1.

FIG. 3 is a block diagram of a system for updating financial informationand user profiles of system users.

FIG. 4 is a flow chart of a transaction processing method in accordancewith one embodiment of the invention.

FIGS. 5, 6, and 7 illustrate screen displays of a trader viewing tradeactivity using the system in FIG. 3.

FIG. 8, which comprises FIGS. 8A and 8B, is a block diagram of afinancial system in accordance with one embodiment of the invention.

FIG. 9, which comprises FIGS. 9A, 9B, and 9C, illustrates the componentsof the server system in FIG. 8.

FIG. 10, which comprises FIGS. 10A and 10B, is a block diagram of aretail sales system in accordance with one embodiment of the invention.

FIG. 11, which comprises FIGS. 11A, 11B, and 11C, illustrates thecomponents of the server system of FIG. 10.

DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENT

Embodiments of the invention will now be described with reference to theaccompanying Figures, wherein like numerals refer to like elementsthroughout. The terminology used in the description presented herein isnot intended to be interpreted in any limited or restrictive manner,simply because it is being utilized in conjunction with a detaileddescription of certain specific embodiments of the invention.Furthermore, embodiments of the invention may include several novelfeatures, no single one of which is solely responsible for its desirableattributes or which is essential to practicing the inventions hereindescribed.

FIG. 3 illustrates a system for managing and updating accountinformation. This system is advantageously implemented in a networkedenvironment, as will be explained in additional detail below.Fundamentally, an account management system in accordance with thisembodiment of the invention may be structured as a database of accountinformation which is selectively available to users for alteration andviewing. The alteration and viewing is performed in accordance withother stored information defining what account information differentusers are allowed to alter or view, as well as defining system responseto user input such as account information updates, additions, or otheralterations. Such a system has advantageous application to many fields.In one embodiment, the users of the system are those involved in themanagement of third party investments, e.g. portfolio managers, traders,and other members of an investment advisor firm, as well as theirexternal partners such as brokers, banks, etc. This embodiment isdescribed in additional detail with reference to FIGS. 3-9. In anotherembodiment, the system users are point-of-sale clerks, store managers,and vendors in a retail sales environment. This embodiment is describedin additional detail with reference to FIGS. 10 and 11.

In the investment account management embodiment, and as depicted in FIG.3, the first component of the system is a database of financialinformation 302. This collection of information includes data concerningthe client's holdings and the types of securities the client holds inhis or her account. In addition, the database may include informationabout the client's decisions to participate or not participate incertain trades. For instance, if the client does not wish to have morethan 50% of his or her holdings consisting of equity stocks, thatinformation may be recorded in the database. Also stored in the databaseof financial information 302 is information about investor clients andtheir accounts. In general, all of the information regarding a clientaccount would initially be entered into the database when the account isopened. This would include basic account details such as name, contactinformation, settlement instructions, cash and security positions, andadditionally include more sophisticated data such as security andindustry restrictions, specific B/D requirements and discretionaryversus non-discretionary trading authority.

The second component depicted in FIG. 3 is a database 304 of “businessrules. The business rules stored in the database 304 are tasks oroperations that the system performs in response to user manipulation ofthe financial information data 302. The process of opening an account,for example, is defined by a series of steps which are performed duringthat process. The steps are translated into logic components and dialogsthat allow the user to input data and/or respond to a question in orderto move to the next logical step and complete the account openingprocess. Thus, when the user enters data in a dialog or when the userclicks a dialog button, such as “Next,” a series of steps are invoked.These actions may include verifying that the data entered is in thecorrect format, i.e. no “dirty-data”, and executing a series of programsthat will store/retrieve and/or perform some algorithm with the datathat the user has on his/her screen or other data in the database offinancial information 302. These operations are defined by the businessrules in the database 304.

Another component of the system of FIG. 3 is a collection of userprofiles 306. Each user of the system is assigned a user profilecontaining information defining the functions that the user can performand the display the user can view. The appropriate user profile isretrieved when the user logs onto the system. This prevents the userfrom entering unauthorized requests and ensures that the user can viewthat information necessary to effectively perform their duties. Forinstance, the user profile of a portfolio manager at an investmentadvisor firm may allow the portfolio manager to view and change thesecurity trading restrictions of a client, whereas the user profile of abanker at a custodian bank might not allow the banker to view this dataor make such a change.

Although three separate databases are illustrated, it will beappreciated by those of skill in the art that all of the information,including financial information, rules, and user profiles may becombined into one database, as is shown for example, in FIG. 8.

In accordance with one aspect of the invention, user profiles 306 may beupdated automatically and transparently when there is a change to theinformation 302 in the financial database. For example, the user profileof a selected portfolio manager will define what client accounts thatportfolio manager can view. As any given portfolio manager will manageonly a subset of the investment advisor firm clients, the user profilewill specify those particular accounts that portfolio manager isresponsible for, allowing viewing and processing of those accounts only.If an assistant adds a new client and the associated information to thefinancial database 302, the rules 304 specify that the user profile ofthe appropriate portfolio manager be automatically and transparentlyupdated to allow the correct portfolio manager access to the clientinformation to view and process the client account.

FIG. 4 illustrates a process that the system embodiment of FIG. 3 mayimplement in the modification and viewing of financial information. Tostart 402, a user enters his or her log-in information 404 in order toaccess the system. Before the system allows entry, an index may be usedto match the user with a user id in the user profile database. After amatch is found, the user is allowed to view information according to acustomized display 408 set by the user profile. As one example, a userid might be JD100TDHCM. When this user connects to the system, thesystem will retrieve user session parameters such as “Trader, HaroldCorporate Management Systems, Dialogs—8, 10, 22, 23, 44, Screensettings—5, 11, 23, 29, 40.” These parameters, defined by the userprofile, will identify the entitlements that this trader has to thesystem and to the information in the database 302.

The user can view information in the database or can attempt to modify410 the information in the database. If the user wishes to modify 412,the modification must be in accordance with the rules, or the systemwill reject the modification. As discussed above, after the modificationat block 414, one or more user profiles may be updated in response tothe modification. Then the user may continue view until anothermodification or log-off is requested 416. After log off, the processstops at block 418.

In some embodiments of the invention, modifications to the database 302and the user profiles 306 are made in real time, and all users loggedonto the system are notified of the changes. This type of real timeupdate to a user profile is illustrated by the screen displays of FIGS.5, 6, and 7.

FIG. 5 shows a trader's screen 502 viewing all equity trade orders inthe system. In this example, the trader is using a display setting thatcauses the display to be refreshed when something such as a trade orderhas changed. In this example, the screen does not change on a specifictime interval but rather when a trade has changed or new trade hasentered the system. In FIG. 6, the system notifies the trader that a newsecurity type, “option” has been defined in the system, by, for example,the investment manager of the investment advisory firm and that there isa new trade order that has entered the system. With a dialog box 602,the system notifies the trader that the trader's user profile has beenmodified 602. In FIG. 7, the user profile for this trader has beenmodified to allow the display of option trades 704.

Turning now to FIGS. 8-11, specific applications of the systemarchitecture of FIG. 3 are shown. In FIGS. 8 and 9, the system inapplied to the investment advisor environment. In FIGS. 10 and 11, thesystem is applied to the retail sales environment.

FIG. 8, which consists of FIGS. 8A and 8B, illustrates a web hostedimplementation of the system in FIG. 3. The system 802 advantageouslycomprises an Internet/Intranet application running on a host server 804.The server 804 is in communication with a database 806 whichincorporates all of the information databases 302, 304, 306 that aredescribed above with reference to FIG. 3. The application and theinformation in the database is accessible at a network address (e.g.www.site.com) to system users that have a PC with Internet access andInternet browser in a manner well known in the art.

In this embodiment, the database 806 would be maintained on servers 804that would not be located at the investment advisor firm. The server 804would receive information from the custodian banks and B/Ds that theinvestment advisor has business relationships with. This data would beaccessible by the investment advisor firm on local computers 812 via anInternet/Intranet connection. The system 802 eliminates the need for theinvestment advisor to maintain any other technology infrastructure.

Furthermore, all the information required by an IA to efficientlyexecute trades and update all users in accordance with the latestdatabase information would reside in one place, and be available to theentire IA firm as well as associated entities such as brokers and banks.The information and tools that any user needs to complete his/her taskthen could be displayed in an easily customizable format. Due to theautomatic updates to the user profiles, a user's interface would displayall relevant data to complete his/her task without the need to migratedata from a prior user or to the next user. This would eliminate the“portage” in the IA's workflow.

For example, portfolio managers would then be able to use thisinformation to determine which client accounts are eligible for aparticular trade. Once a trade has been identified, the PM can easilyrun a routine that determines who can execute the trade and if there areany limitations on how the trade must be executed.

Once the PM has identified the client accounts to be included in atrade, the trader would use his/her interface to determine how the tradecan be best executed, i.e. as several trades with multiplebroker/dealers or as a single block order trade. The dealing rules 304for each client account would be readily accessible and the trader canaccommodate them easily. The trader then would be able to use theon-line trading systems of any B/D without re-keying in the trade orderon each B/D's proprietary system. In accordance with a user profileassociated with each broker, the system would process the trade into theformat required by each B/D system. The system 802 also allows the B/Dto send confirmations back to the IA through the B/D's proprietarysystem and format. The system 802 takes the confirmation, receives thedata in the unique format from each B/D and in accordance with the B/Duser profile, changes the format as required by the trader and IA'ssettlement area.

Once trades have been confirmed by the B/D, trade and settlement detailswould be sent to the custodian bank and B/D based on each clientaccount's information. All these details would be stored in the database806, and would allow straight through processing of the trade. Oncetrades have settled, all client account information would automaticallybe updated.

As depicted in FIG. 9, which comprises FIGS. 9A, 9B, and 9C, each of the12 core processes illustrated in FIG. 2, the entire investment advisorbusiness, have been broken down into specific components and into adiscrete set of tasks.

The Transaction Manager 918 categorizes the user request into a businesscomponent, which is handled by the Business Logic Manager 920, andpresentation layer, which is handled by the Presentation/Dialog Manager.The Transaction Manager 918 is a multitasking engine that can handlethousands of requests. Each user request is coordinated with the UserProfile and Session Manager 916. The User Profile and Session Manager916 maintains the user entitlements, the user session settings and therequests currently pending and the request currently executing. TheTransaction Manager 918 issues a command to both the Business LogicManager 920 and the Presentation/Dialog Manager 940. The requests issuedto the Business Manager 920 and Presentation/Dialog Manager 940 run inparallel. Running tasks concurrently reduces execution time. Since theTransaction Manager 918 coordinates the user request with the UserProfile and Session Manager, this allows the Transaction Manager 918 toprocess other user requests as the 1^(st) request is being processed bythe Business Manager 920 and Presentation/Dialog Manager 940.

The system has taken the 12 core processes of the investment advisorbusiness and places the business logic within the Business Logic Manager920 and the screen presentations in the Presentation/Dialog Manager 940.Both the Business Logic Manager 920 and the Presentation/Dialog Manager940 make calls to the database 806 to determine the exact algorithm toexecute and the formatting of the user dialog. This allows for customlogic algorithms and custom screen settings for each investment advisoruser. The User Profile and Session Manager 916 tag each request with afield that Transaction Manager 918 passes to the Business Logic Managerand the Presentation/Dialog Manager 940. This database approach allowsthe system 802 to maintain an infinite number of custom settings foreach investment advisor shop and each investment advisor user at eachshop. The User/investment advisor Site Manager 914 is the interface toadd, modify and/or remove business logic and presentation/dialogsettings. This approach allows the investment advisor to modify businesspractices without having to reengineer the system 802.

The advantages of the breaking up the business logic into the BusinessLogic Manager 920 and the screen presentations into thePresentation/Dialog Manager 940 is (1) there is a centralized locationof business logic and screen settings, (2) new logic can be introducedinto the system without reengineering the system and (3) a techniciancan troubleshoot an investment advisor client problem remotely.

Centralized location of the database 806 and logic allows the system tomake any specific customer requests or general changes without the needto visit each customer site. The changes or modifications can be testedat the host server's location on a test database. Such changes can thencan be made to the production database that is also on site at the hostserver's location without requiring visits to each user's site.

On a one-time basis the only software that has to be installed on theinvestment advisor's system is an Internet browser and security softwarethat uniquely identifies the investment advisor browser to the hostserver.

An executable file and a DLL are installed at the investment advisorsite only if the investment advisor user wishes to invoke the DatabaseInterface Module 924 locally. This will allow the investment advisor towork locally with a program such as Excel or Word and a local databaseon the investment advisor PC. The DLL is a modification to theinvestment advisor's operating system that allows the PC to communicateto the system's 802 executable.

The executable and DLLs on a investment advisor's PC can be maintainedand modified by the host server 804. If a new version of a DLL isrequired, the host server 804 can electronically send the new version tothe investment advisor PC and install this software automatically on theinvestment advisor site. This eliminates the need for the investmentadvisor to maintain anything beyond a simple PC network with Internetaccess.

Once the user enters the system, the investment advisor can access anyof modules he/she has permission to access. In one embodiment, themodules available are Trader, Maintenance/Assistant, Portfolio Manager,Billing, Reporting module, Compliance, Portfolio Management AccountingSystem, Fixed Income Securities, Pricing and 3^(rd) Party Connection.

The User Profile and Session Manager 916 determines what data the useris allowed to access as well as the format the data will be presented.This method allows each user to have a custom look and feel. Inconjunction with the User/investment advisor Site Manager 914, theinvestment advisor can customize his/her settings, e.g. change the fontand color.

The database 806 is advantageously structured such that the entiredatabase 806 can be accessed via such key fields such as “client accountnumber”, “client name”, “security name”, “trade date “and” ticketnumber. This capability allows the end user to obtain any field ofinformation within the database.

There is virtually no limit to the number of data fields that can beused in the system. With this database anytime an entry is made, changedor created the modification is recorded. There can be an endless numberof changes that a user can make and all of the changes will be recorded.

Each recorded modification may include the time the change was made, theuser that made the change and the data prior to the change.

The User Profile and Session Manager 916 resolves conflicts when twousers attempt to perform the same task at the same time, such asupdating a client account number. The user that submitted the updaterequest first will be allowed to modify the field and the second userwill be notified of the situation. The conflict is resolved at the UserProfile and Session Manager 916 level rather then the database level.This approach removes the possibility of data corruption and theoverhead associated with processing a concurrent update at the database

The different modules within the system allows each person to think andfunction within their respective task. As data is transferred from onejob function to another job function, the data is presented in theformat that is expected and clearly understood within the specific jobfunction. This can be accomplished without moving the data from one userto the next user as all the data is located in a central database.

The system will reduce the hardware requirements of each investmentadvisor client because the investment advisor will no longer be requiredto maintain servers and specialized network connectivity software and/orhardware. Th Plug-In Module 928 allows the investment advisor to connectthe various systems. This allows data integration with systems, such asan Office File Server and e-mail system, network connectivity. Thesystem 802 already has several layers of security such as the securitymodule 902 that allow secure Internet connection. The Plug-In Module 928allows the investment advisor to take advantage of these secure networkconnections. This in effect eliminates all but the LAN 104 for theinvestment advisor to maintain as an infrastructure. The investmentadvisor can access to his/her data from anywhere in the world as long ashe/she has access to the Internet. All information is viewable on areal-time basis.

Turning now to the retail store (RS) environment, it will be appreciatedthat there may also be defined a set of core process for managinginformation. Product specifications, terms, availability can vary fromvendor to vendor. The RS has to determine shelf life, shelfrequirements, shipping requirements for both receiving the product andshipping the product to customers, cost of the product, minimum andmaximum inventory levels, re-ordering requirements of the product andpricing fluctuations of the product due to market conditions.

As with the investment advisory firm system described above, in anapplication f the invention to the retail store environment, allinformation required to manage inventory and order information mayreside in a database or series of databases available to the entirefirm. The information and tools that any user needs to complete his/hertask then could be displayed in an easily customizable format. A user'sinterface would display all relevant data to complete his/her taskwithout the need to migrate data from a prior user or to the next user.The data for each user's tasks would reside in one place. This againwould eliminate the “portage” in the workflow.

All of the information regarding a product initially is entered into thedatabase when the product is ordered. This would include basic productdetails such as product description, vendor, vendor terms, vendor leadtime to fill order, vendor minimum and maximum order, product shelfrequirements, product shipping requirements, product packagingrequirements, product re-order requirements, manufacturer contact andvendor return policy. All the information as to how a product must beprocessed would be maintained in one central location.

The store manager and the buyer would then be able to use thisinformation to determine which products should be purchased and thequantity for the order. Once the desired products have been identifiedfor order, the buyer can focus on filling the order, electronicallynotify the order details to the receiving department, accountingdepartment and inform customers of pending orders. With the ability topass product information to the store manager, the buyer can focus onvendor visits to see product displays, new product samples and reporthis/her finds to the store manager.

A retail store system 1002, implemented in a fashion similar to thesystem 802 depicted in FIG. 8 allows the buyer to key in the orderrequest into the system and then electronically pass the orderinformation to the vendor's on-line ordering system without re-keying inthe order information. The system 1002 would process the order into theformat required by each vendor system. The system 1002 allows the vendorto send confirmations back to the buyer through the vendor's proprietarysystem and format. The system 1002 takes the confirmation, receives thedata in the unique format from each vendor and changes the format asrequired by the buyer and retail store's settlement area.

Once orders have been confirmed and shipped by the vendor, the system1002 allows the vendor to interface with the system 1002. The interfacewill provide the vendor with exact packaging requirements, best fitmethod of the physical goods onto trucks, vans, etc. . . . , knowexactly what items have been processed for shipment, when the shipmenthas left the vendor and the best route to the by the retail store. Thesystem 1002 also enables the retail store to maintain one central systemfor product tracking, product inventory, product offering, such as pointof sale and on-line sales. The Online sales system would be an integralpart of the retail store's infrastructure system. As online orders arereceived and processed the same information regarding best shipping andpackaging methods used to receive the items can also be re-used to shipthe product to customers. The information about product availability andvendor lead-time to fill orders will allow the retail store to maintainminimum inventory levels

Once orders have settled, i.e. payments have been received from thecustomer and made to the vendor, all product and account informationwould automatically be updated.

End of day (E.O.D) and/or end of trade (E.O.T.) routines will also beperformed in order to generate reports.

FIG. 10, which comprises FIGS. 10A and 10B, illustrates a detailed webhosted implementation of the system in FIG. 3 as applied to a retailstore. As is depicted in FIG. 10, retail stores are required to installand maintain workstations with a network browser 1040 and a networkconnection 110. The servers 1004 and 1008, connection to outside networkconnections 110, execution and management of application software areall maintained with the system. Specialized network connectivitysoftware and equipment need not be installed and maintained in order toexchange data from the internal systems and applications that in and ofthemselves are not able to directly communicate to othernetworks/systems, such as a Retail Store file server.

When the user enters data in a dialog or when the user clicks a dialogbutton, such as “Next” a series of steps are invoked. These actionsinclude verifying the data entered is in the correct format, i.e. no“dirty-data”, executing a series of programs that will store/retrieveand/or perform some algorithm with the data that the user has on his/herscreen. The Transaction Manager 918 categorizes the user request into abusiness component, which is handled by the Business Logic Manager 920,and presentation layer, which is handled by the Presentation/DialogManager 940. The Transaction Manager 918 is a multitasking engine thatcan handle thousands of requests. Each user request is coordinated withthe User Profile and Session Manager 916. The User Profile and SessionManager maintains the user entitlements, the user session settings andthe requests currently pending and the request currently executing. TheTransaction Manager 918 issues a command to both the Business LogicManager 920 and the Presentation/Dialog Manager 940. The requests issuedto the Business Manager 920 and Presentation/Dialog Manager 940 run inparallel. Running tasks concurrently reduces execution time. Since theTransaction Manager 918 coordinates the user request with the UserProfile and Session Manager 916, this allows the Transaction Manager 918to process other user requests as the 1^(st) request is being processedby the Business Manager 920 and Presentation/Dialog Manager 940.

The core processes of the RS business are implemented within theBusiness Logic Manager 920 and the screen presentations in thePresentation/Dialog Manager 940. Both the Business Logic Manager 920 andthe Presentation/Dialog Manager 940 make calls to the database 806 todetermine the exact algorithm to execute and the formatting of the userdialog. Data flow, user profile storage and automatic alteration, aswell as other aspects of the user interfaces and system responses areanalogous to that presented above with reference to FIGS. 3-9 and theinvestment advisor firm embodiment of the invention. This allows forcustom logic algorithms and custom screen settings for each RS user 302which are in turn automatically updated based on updates to accountinformation made by other system users.

The database 806 is structured such that the entire database can beaccessed via such key fields such as “product number”, “product name”,“product description”, “order date” and “vendor”. This capability allowsthe end user to obtain any field of information within the database.

The foregoing description details certain embodiments of the invention.It will be appreciated, however, that no matter how detailed theforegoing appears in text, the invention can be practiced in many ways.As is also stated above, it should be noted that the use of particularterminology when describing certain features or aspects of the inventionshould not be taken to imply that the terminology is being re-definedherein to be restricted to including any specific characteristics of thefeatures or aspects of the invention with which that terminology isassociated. The scope of the invention should therefore be construed inaccordance with the appended claims and any equivalents thereof.

1. An investment account management system configured to manage aplurality of client accounts, comprising: a financial informationdatabase comprising financial information from a plurality of clients; auser profile database comprising a user profile for each user of thesystem, wherein said user profile comprises access rights specifying thefinancial information available to the user, and a screen settingparameter indicating a customized display of how client financial datais viewed by the user in an Internet browser; a host server comprising apresentation manager, wherein the presentation manager is linked to theuser profile database and operative to modify user profiles so each useris presented with a customized display of client financial informationwhen viewed in an Internet browser; a data link to a custodian bankwhich provides online access to records of client holdings at the bank;a business logic manager configured to read instructions from a databasemodule, wherein the instructions comprise custom logic routines for eachuser, and the logic routines define whether the user is authorized toexecute a trade and whether sufficient holdings are available at thecustodian bank for the trade; and a data exchange link with abroker/dealer system, wherein data representing the trade to be executedis formatted by the system in accordance with a user profile associatedwith each broker/dealer system and sent to the broker/dealer system forexecution.
 2. The system of claim 1, wherein the financial informationcomprises types of securities held by the clients.
 3. The system ofclaim 1, wherein the user profile comprises information defining thefunctions that the user can perform and the display the user can view.4. The system of claim 1 wherein the presentation manager is configuredto read the screen setting parameters from a database.
 5. The system ofclaim 1, wherein the business logic manager further determines if thereare any limitations on how the trade must be executed by thebroker/dealer.
 6. The system of claim 1, wherein users of the system areportfolio managers, and wherein each portfolio manager is presented witha customized display in an Internet browser showing the client accountsof each portfolio manager.
 7. The system of claim 1, wherein users ofthe system are traders, and wherein the business logic manager isprogrammed to instruct the traders how the trade can be best executed.8. The system of claim 7, wherein the business logic manager isconfigured to read instructions that advise traders to place aparticular trade with multiple broker/dealers.
 9. The system of claim 7,wherein the business logic manager is configured to read instructionsthat advise traders to place a particular trade as a single block order.10. The system of claim 1, further comprising a transaction managerconfigured to categorize requests from users of the system as requeststo be sent to the business logic manager or the presentation manager.11. The system of claim 1, further comprising a Site Manager, which isconfigured to allow the user to change the font and color settings fortheir display, wherein those settings are stored in the user profile.12. A network based investment account management system configured tomanage a plurality of client accounts, comprising: a financialinformation database comprising financial information from a pluralityof clients; a user profile database comprising user profiles forportfolio managers and traders, wherein said user profiles compriseaccess rights specifying a subset of the client financial informationavailable to the portfolio managers and traders, and a screen settingparameter indicating a customized display of how client financial datais viewed by the portfolio managers and traders in an Internet browser;a host server comprising a presentation manager, wherein thepresentation manager is linked to the user profile database andoperative to modify user profiles so each portfolio manager and traderis presented with a customized display of client financial informationwhen viewed in an Internet browser; a data link to a custodian bankwhich provides online access to records of client holdings at the bank;a business logic manager configured to read instructions from a databasemodule, wherein the instructions comprise custom logic routines for eachtrader, and the logic routines define whether the trader is authorizedto execute a trade and whether sufficient holdings are available at thecustodian bank for the trade; and a data exchange link with abroker/dealer system, wherein data representing the trade to be executedand any limitations on the trade are formatted by the system inaccordance with a user profile associated with each broker/dealer systemand sent to the broker/dealer system for execution.
 13. The system ofclaim 12, wherein the financial information comprises types ofsecurities held by the clients.
 14. The system of claim 12, wherein theuser profile comprises information defining the functions that theportfolio manager and trader can perform and the display settings usedto create their view of client data.
 15. The system of claim 12, whereinthe presentation manager is configured to read the screen settingparameters from a database.
 16. The system of claim 12, wherein thebusiness logic manager further determines if there are any limitationson how the trade must be executed by the broker/dealer.
 17. The systemof claim 12, wherein each portfolio manager is presented with acustomized display showing the client accounts of each portfolio managerin an Internet browser.
 18. The system of claim 12, wherein the businesslogic manager is programmed to display advice instructing the tradershow the trade can be best executed.
 19. The system of claim 12, furthercomprising a transaction manager configured to categorize requests fromusers of the system as requests to be sent to the business logic manageror the presentation manager.